OTTAWA REAL ESTATE MARKET WATCH – June 2015

With the strongest May in sales since May of 2009, the Ottawa Real Estate Market shows some real signs of stimulation with a surge of buyers due to low interest rates and great market prices.

Ottawa Realtors sold 1,926 residential properties in May 2015, 7.7 per cent more than in May 2014 and ahead of the five-year average of 1,812.  This number is also up fairly significantly from 357 since April, increasing in both the residential and condominium property class.

Days on market is still standing strong with a low 70’s average.  A bit longer than previous years but staying consistent and consistent is always good.

Average price of a residential property was up 2.6 per cent from the same month last year to $411,791, while the average condo sold for $266,940, a drop of 4.9 per cent from May 2014.

So in short ladies and gents, now is a great time to be jumping into the market, adding to your portfolio or upgrading your current situation.  Condos for an investment might be a good idea as some are the same price now as 5 years ago and with a good upswing in the coming years, one could see a healthy return.  The Ottawa Real Estate Market as a whole, continues to show stability year after year and it looks like that trend isn’t going to change anytime soon.

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